Marathon completes sale of Russian businesses to Lukoil

KatherineHunt

SAN FRANCISCO (MarketWatch) -- Marathon Oil Corp.
MRO, -0.60%
on Friday said it has completed the sale of its Russian oil exploration and production businesses in the Khanty-Mansiysk Region of western Siberia to OAO Lukoil's
LUKOY, +1.15%LKOD, +1.35%
subsidiary, OOO Lukoil - Western Siberia. Under the terms of the agreement, Lukoil paid Marathon $787 million for the businesses, plus preliminary working capital and other closing adjustments of about $66 million, for a total transaction value of $853 million. Separately, Houston-based Marathon said its subsidiary, Marathon International Petroleum Indonesia Ltd., has been awarded a 70% interest and operatorship in the Pasangkayu Block offshore Indonesia as part of Indonesia's 2005 regular tender round. Talisman (Asia) Ltd., a subsidiary of Talisman Energy Inc.
TLM, -55.56%
was awarded the remaining 30% interest. Marathon said it expects to enter into a production sharing contract with the Indonesian government by the end of the year.

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